Thanks!
Apparently it means that the selected folder is write-protected
I'm running this account as a regular user (not admin - extra security) which is why every finder window except home folder has this.
Thanks guys!

It means you have permissions set for "No Access" for that folder. You can change it by selecting the folder - or it may be the enclosing folder - and hitting Cmd+I. Down at the bottom, there's a panel for setting "Ownerships and Permissions".

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